Insurance Planning Question Bank I 1. Define insurance. List some of the components of insurance business. 2.

Describe in brief the Genera Insurance Business Act, 1972. 3. List some of the suggestions of Malhotra Committee. (8) 4. What are the powers, duties and functions of IRDA? (8) 5. Explain the role of IRDA in managing the insurance industry. (7) 6. Explain the requirements to be fulfilled ( as per IRDA ) for the insurance products advertisements and disclosures. 7. State the rules and regulations specified by IRDA for the appointment of the actuary. (8) 8. List down the composition of the IRDA and its powers to issue directions OR State the situation in which the government may overpower IRDA. 9. State the fundamental principles of Insurance. (15) 10. Specify why an individual requires an insurance policy. (8) 11. State some of the importance s ( or advantages ) of LIP. (8) 12. State some of the importance s ( or advantages ) of GIP. (8) 13. Briefly summarise the various legal provisions applicable to the insurance business in India. 14. State the acts that govern life insurance business in India. (8) 15. State the laws applicable to general insurance business in India 16. Briefly summarise / comment on the life insurance demand and outlook in the Indian Context. 17. Explain various classifications of the life insurance business in India. OR Briefly explain some of the generic policies used in life insurance business in India. 18. How the risk would be identified? 19. What are the sources of risk? 20. Write a note on e marketing of insurance products. 21. What are the criteria of marketing of insurance products?

Write Short Notes On: (5 Marks Each) 1. Types of Life Insurance Policy. 2. Components of Insurance Business in India.

3. Insurance Act, 1938. 4. Registration of Insurance Business in India. 5. Cancellation of registration. 6. Capital Requirements of Life Insurance Business. 7. Licensing of Insurance Agents. 8. Renewal of License of an Insurance Agent. 9. Deposits to be maintained by the Insurance Company. 10. Life Insurance business. 11. General Insurance Business Act, 1972. 12. IRDA. 13. Functions of an Actuary. 14. Composition of IRDA. 15. Principle of Indemnity. 16. Principle of Utmost Good Faith. 17. Principle Of Insurable Interest 18. Annuities. 19. ULIP s. 20. Suggestions Of Malhotra Committee 21. Actuarial Role